The invention discloses a flame-retardant and wear-resisting rubber material for a borehole cable sheath and a preparation method of the flame-retardant and wear-resisting rubber material. The flame-retardant and wear-resisting rubber material is prepared from nitrile rubber, natural rubber, triethyl citrate, benzoxazine resin, magnesium dimethacrylate, acetyl benzoyl peroxide, ethanol [2-[2-(2-methoxyethoxy)ethoxy]ethyl], triester with boric acid, gamma-aminopropyltriethoxysilane, polychlorinated terphenyl, dimethyldiethoxysilane, tricresyl phosphate, magnesium hydroxide, white jade powder, microcrystalline wax, hydrogenated rosin resin and the like. By matching the nitrile rubber with the natural rubber for use, the flame-retardant and wear-resisting rubber material has the advantages of good mechanical property and processing property, good oil resistance, wear resistance and chemical corrosion resistance, as well as heat resistance and low temperature resistance; by matching the tricresyl phosphate, the polychlorinated terphenyl and the magnesium hydroxide with sodium aluminum carbonate hydroxide for use, the fire-retardant property is enhanced; by adding the white jade powder, nano- tungsten boride and other fillers, high temperature resistance, wear resistance and other physical properties of the material are enhanced.